J. Kelly Kennedy, Attorney/CPA, PLLC

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February 2018 Archives

3 mistakes that could make business formation more difficult

Creating a startup company can be a long and difficult journey. Challenges will certainly present themselves to you, and while you may have the ability to deal with many of those difficulties, you could potentially also end up making the situation harder on yourself. Though you may not mean to do so, actions you may think are beneficial could actually end up hurting your company.

What is a fiduciary duty in Florida?

When someone is entrusted with the administration of another's trust or estate, a fiduciary relationship is created between the person or entity who is doing the administration and those for whom the trust or estate was created and those who will benefit. Under Florida law, the fiduciary - in this case the administrator or trustee - is responsible for holding, managing, and distributing assets that ultimately belong the beneficiaries of the trust or estate. The fiduciary, therefore, has a legal obligation, or duty, to act carefully and in the best interests of the beneficiaries.

Federal tax law likely to drive even more folks to Florida

When the Tax Cuts and Jobs Act passed and was signed into law, one important change that took effect was the cap placed on the deduction of state and local taxes. This change, of course, most directly affects taxpayers in states with higher income and property taxes - like the president's home state of New York. Under the new law, the deduction of state income taxes and property taxes from federal income taxes will be limited to a total of $10,000.

What are some estate planning mistakes to avoid?

Many Winter Haven and Lakeland residents ought to have an estate plan, but estate plans can be difficult for the uninitiated to draw up. There are so many mistakes that people often make in the realm of advanced estate planning. Sometimes these are due to lack of information, other times they are due to the abundance of bad information available on social media and by word of mouth. This blog post will review a few of the mistakes that some people make when they put together an estate plan.